This week has seen a drop in the amount of scheduled auctions, which has stabilised previous weeks’ somewhat rocky figures, bringing a return to normalcy.
70 auctions were scheduled for this week, 56 of these results available. This is down from last week, where 102 were scheduled and 69 were recorded.
38 properties sold for the favourable clearance rate of 68%, the highest since early March. This figure does not touch the 70-plus clearance rates seen during especially lucrative periods, but is impressive nonetheless.
The average selling price of this week is $619,778, which is markedly lower than the previous week’s $726,794. This drop can can largely be explained by this week’s most lucrative sales being lower on the million-dollar scale, which does not reflect poorly on the wider market.
Another cause for this drop in the average selling price may in fact have a positive connotation, given a marginal increase in total properties sold. An increase in sales on the low-to-mid end of the spectrum is indicated by this figure – a lack of these sales dragging down last week’s clearance rate and accounting for the increase in this week’s.
Despite a drop in average selling price, this week featured two properties which sold for prices above $1 million. The first of these was 141 Military Road, in Semaphore.
This 1918-built villa is embellished with many elegant touches, including fretwork, freestone facade and high spectacularly corniced ceilings.
Nick Psarros of Ray White Real Estate, who sold this property for $1,005,000, spoke to SA Real Estate News last year about the approach he takes to real estate, an approach which evidently pays off with sales such as this.
24 Childers Street, in North Adelaide, is the highest sale of the week, Tim Vine and Sarah Stewart of Harris Real Estate facilitating the $1,510,000 sale.
Location, heritage and a similar grandeur to the previous home elevate this property. The home sits beside bustling cafes and cinema and is riddled with grand relics of its Victorian origins, such as character fireplaces and stained glass.
This week’s favourable results form a solid base from which the market can spring, hopefully returning to the high volumes seen throughout 2017 that has been glimpsed in recent months, while preserving a favourable clearance rate.